SBI to introduce contactless payment cards in Association with Chennai Metro
By Ankit Sharma
Jun 23, 2014
Print    Email    RSS   

Largest leading bank of the country State Bank of India has decided to come up with the contactless payment cards in combination with debit or credit cards in association with Chennai metro. Bank has asked Chennai metro to introduce this new payment, this help the travelers and the bank as well. Bank will get new customers through this.

This will be dual card which will work as a credit or debit card and it will also have a chip which will allow the customers to use to for making the payments for the metro travelling. These will be the contactless card which will be working on the radio frequency. Unlike credit cards which need to be either swiped or dipped into a chip reader, contactless cards can complete a payment almost instantly. The proposal is yet to be finalized, bank will need RBI permission before finalizing this and making this measure operational.

Bank officials said that SBI was talking to all metro operators. Although there is no revenue in enabling micro payments the bank expects that by 'carding' new customers who are likely to use their cards for other payments it would expand the market.

(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

A chronicle of excesses by loan recovery...
Travel Credit Cards in India: A Comparison
Carnival of Indian Personal Finance Blogs #6
Some quick facts about CIBIL report
Some Facts About Zero Interest Credit...

Good Morning, i forgot my FCMB Account Number and...
Radhey@09646870399 @Escoℛts In#Chandigarh...
Radhey@09646870399 @Escoℛt In#Chandigarh...

91st Founders day of the Karnataka Bank Feb 18, 2015
Banks on strike from 25th February Feb 16, 2015
SBT bank postponed the Open House meet Feb 13, 2015
Yes bank planning to line up for credit card portfolio Feb 12, 2015
Pocket banking – new app by ICICI bank Feb 11, 2015
News Archive